And after a day and a half of sleep I'm back. Not doing well. Thanks for the support.

An oxygen sensor regulates the air to fuel ratio in the engine. You can in theory drive a car with a busted O2 sensor, but you really shouldn't as it can cause damage to the engine since the O2-fuel ratio would be off so the combustion wouldn't be the precise amount it needs to. If there's too much oxygen you can really f**k up your spark plugs or pistons. If there's too little it won't run as efficiently and it won't run as well.